Alfredo Matthew III from SPCC.1 talks about Revenue & Focus for Startups

Startup Success: Validation, Revenue, Profit

Mary and Alfredo discussed key strategies for startups to succeed, emphasizing the importance of customer validation, revenue generation, and profitability. Alfredo highlighted the need for startups to focus on securing early customers, building a tiered service or product offering, and gradually increasing contract values. He stressed the significance of understanding break-even points and net profitability, warning that many businesses fail to cross the revenue chasm between $2 million and $5 million. Mary and Alfredo agreed that startups must validate their ideas, generate revenue, and ensure profitability to create a valuable business that can attract investors or be acquired.

Business Connections and Startup Opportunities

Mary, representing BusinessRiff, met with Alfredo Matthew III from SPCC.1 to discuss potential business connections and opportunities. They briefly exchanged information about their respective organizations and discussed the benefits of booking a call with Mary for startup success. Mary expressed her goal of connecting startups with valuable resources and invited Alfredo to join future Stuck? Time to Improv! sessions.

https://kleverstrategies.com/

Natalie Krul from Klever Strategies talks about Using LinkedIn for Leads

Why businesses should use LinkedIn

inding target prospects on LinkedIn

• Details
  • Natalie: Search capabilities depend on your LinkedIn plan (free, premium, or Sales Navigator)
  • Natalie: Define your target audience using filters like demographics, geography, job titles, and keywords
  • Natalie: Focus on second and third-degree connections as they're warmer prospects due to mutual connections
  • Mary: Gave an example of looking for "founders or startups in the St. Louis Metro area"
• Conclusion
  • Define your ideal client profile before searching
  • Use LinkedIn's search filters to find relevant prospects
  • Focus on connections who are one or two degrees away from your network

Discussion about how to approach prospects on LinkedIn without being pushy.

• Details
  • Natalie: "Ditch the pitch" - approach outreach as relationship building rather than selling
  • Natalie: Ensure your profile speaks to your target audience before reaching out
  • Natalie: Start with a personalized connection request without pitching
  • Mary: Introduced the "3 I's" follow-up framework: Introductions, Invitations, and Information
  • Natalie: Endorsed Mary's approach, emphasizing providing value before selling
• Conclusion
  • Personalize connection requests without immediate pitching
  • Focus on building relationships first, then results
  • Provide value through content sharing, introductions, or invitations

Engagement and follow-up techniques

• • Natalie: Engage with prospects' content by liking and commenting on their posts
  • Natalie: Endorse their skills to build goodwill
  • Natalie: Follow up with valuable content relevant to their interests or pain points
  • Natalie: Much of this engagement can be automated while still feeling personal
  • Mary: Emphasized that building relationships leads to customer loyalty and word-of-mouth marketing
• Conclusion
  • Consistent engagement is key to building relationships on LinkedIn
  • Providing value should precede any sales conversations
  • Focus on relationships first, then results

LinkedIn Outreach Free Guide: Why Your LinkedIn Outreach Isn’t Working (And What to Do Instead): https://kleverstrategies.com/offers/#linkedinoutreachguide

LinkedIn Outreach (book a clarity call): https://kleverstrategies.com/offers/#linkedinoutreach

Get Your Smart Marketing System: https://kleverstrategies.com/smart-marketing-system/

Connect with me on LinkedIn: https://www.linkedin.com/in/natalie-krul/

https://monumentalstrides.com

Tiffany Rawson from Monumental Strides talks about basic strategies for startups

What strategies should you have? Know your long term plan. Where do you see your company in 5 years? ten years? What are revenue & expense projections? How big is the team? But, importantly, you need to think about what is your Impact? On community, on industry, on your employees, on customers lives, etc. And, how is this business serving you, the Founder? Decisions made today should set you up for your future goals. And you need to be able to measure the effect of those decisions.

How to really strategize all this? First, Dream big. You don't need to know how to get there, yet, just know what your longterm intentions are. For example, Tiffany wants to build her business to sell it, so she doesn't have her name in the name of the business. She sets up systems that can be duplicated by others. She builds a team, etc. so the business can operate sustainably without her. Things may shift & change over the years, but decisions will be made in terms of ultimately being able to sell the business. Know your longterm goal & apply it to current decision making. Second, write it down. Make it real.

Then think about the shorter term things you have to do to meet the longterm goals: daily, weekly, quarterly, etc. It may be people systems. quantify your perspective. What's your business plan? Your service model? Your standard operating procedures (SOP)?

Don't be afraid to change your vision. It should grow & evolve as your business grows & evolves. Pivoting is part of the startup journey. Look at plans frequently & revise if necessary.

https://www.linkedin.com/in/kenmiller84/

Ken Miller from AIVAlution talks about How to Know When to Hire a V.A.

Choosing Between Onshore and Offshore VAs

Ken explained the differences between onshore and offshore virtual assistants, noting that onshore VAs typically cost $20-25 per hour while offshore VAs cost $6-7 per hour. He advised that startups should hire a VA when they become overwhelmed by mundane, repetitive tasks, as this indicates they are running out of time to invest in their business. Ken emphasized his own experience running multiple businesses and the importance of recognizing when to delegate tasks to maintain business growth.

Virtual Assistants for Task Management

Ken discussed the benefits of using virtual assistants (VAs) to handle repetitive tasks such as email management, social media, and calendar scheduling. He shared his experience with four VAs who have different skill sets and highlighted how they have significantly freed up his time. Ken explained that his executive VA, who has been with him for a while, handles multiple email inboxes and knows which emails require his attention, while also managing his calendar effectively.

Virtual Assistant Hiring Best Practices

Ken shared his experience with hiring virtual assistants (VAs) and managing access to his business accounts. He emphasized the importance of conducting thorough due diligence when hiring offshore VAs and suggested interviewing multiple candidates to build trust. Ken also highlighted the benefits of using VAs and artificial intelligence for business scaling, expressing regret for not embracing these tools earlier in his entrepreneurial journey. Mary encouraged startups to leverage Ken's advice for success and invited viewers to book a call with her at BusinessRiff.com for further assistance.

C. J. Gilbert from Jungle Studios talks about website essentials for Startups

Startup Website Goals Discussion

Mary and CJ discussed the importance of setting clear goals for a startup's website, with sales being a common objective. CJ emphasized the need to consider what the website should achieve for both the business and its customers, highlighting the value of including educational resources, information, and forms. They also touched on the process of creating and sharing content across platforms like Facebook, LinkedIn, and YouTube.

Domain and Website Strategy Discussion

Mary and C discussed the importance of selecting a domain related to the company and creating an ideal customer profile to target effectively. They explored the technical aspects of building a website, such as determining the website's purpose, considering e-commerce capabilities, and deciding on additional features like membership programs or protected content areas.

Benefits of Hiring Professional Web Developers

https://jungle-studios.com/meet-cj

C advises that while building a website oneself is possible, hiring a professional is often beneficial, as a poorly designed website can negatively impact perceptions of a business's professionalism. They emphasize the importance of choosing a web developer with whom one can build a good relationship, ensuring they provide necessary training and access to backend systems. Mary and C agree that while tools like Canva and YouTube tutorials can be helpful, they are not substitutes for working with a skilled web developer who understands internet marketing.

Startups' Website Control Strategy

Mary discussed the importance of startups focusing on their own websites as the primary online asset they can fully control. She emphasized that while having a presence on other platforms is valuable for reaching potential customers, these platforms ultimately belong to someone else. Mary advised startups to use their websites as a hub to bring people back to their own network and email list for direct communication.

Website Best Practices for Startups

CJ Gilbert from Jungle Studios discussed the importance of regularly updating and backing up websites, emphasizing the need for fresh backups and security fixes. He highlighted that a common mistake startups make is focusing on aesthetics over clear messaging, and he noted that websites are dynamic, allowing businesses to adapt as they grow. CJ also advised startups to create a basic website with their picture, contact information, and answers to clients' main questions. Mary Scott from Business Riff encouraged startups to book a call for further support and concluded the segment.

- FREE GIFT - CJ's Video Course - Make Your Website Work For You! - https://www.mywebsitesafari.com/

CJ’s Resources for You & Your Network:

https://jungle-studios.com/meet-cj

https://earnd.co

Randy Lieberman from Earnd talks about R&D Tax credits for Startups

Startup Tax Credits for Innovation

Mary Scott from Business Riff welcomed Randy Lieberman from Earned to discuss research and development tax credits for startups. Randy explained that these tax credits are stimuli promoting innovation in the United States, covering work from ideation to testing done by employees or contractors. He clarified that the credits can be applied against taxes, including payroll taxes, to stimulate innovation and competitiveness.

Tax Credits for Pre-Revenue Companies

Randy explained that companies can carry over tax credits for 20 years and use them to offset payroll taxes, even for pre-revenue companies. He clarified that these credits apply to wages paid to developers, independent contractors, and cloud development efforts, particularly in AI and software development. Mary understood that these credits could be valuable for companies in their fifth year of operation when profits are likely to be high.

Research Credits Application Process

Randy explained the process for applying research credits, which involves meeting with companies to assess their qualified research projects in hard sciences like AI, computer science, engineering, physics, chemistry, and biology. They help companies calculate expenses, document efforts, and coordinate with CPAs for filings, with the added benefit that companies no longer need to capitalize expenses over five years due to recent legislative changes.

Startup Tax Credits and IP Protection

Mary and Randy discussed the importance of research and development tax credits for startups and emphasized the need for employment agreements with employees and independent contractors to protect intellectual property. Randy highlighted the significance of making structuring decisions early to ensure investments are well-placed and intellectual property rights are secured. Mary encouraged startups to book a call with her for further assistance and mentioned that they would provide information about Randy's company for interested parties.

What are R&D Tax Credits and How Do They Work.

https://www.earnd.co/what-are-rd-tax-credits-and-how-do-they-work/

This article is purposely presented in a Q&A format for easy navigation. I have also attached a sector-specific Insight focused on the Software and Technology sector as an example. We have Insights focused on other industry sectors available too, covering Aerospace & Defense, Agriculture, Consumer Packaged Goods, Energy, Manufacturing, Material Science, MedTech, and Transportation. In my Nolodex profile, I have a brochure detailing my company mission, value proposition, and several customer success stories.

https://blackdogventurepartners.com/

Scott Kelly from Blackdog Venture Partners talking about what investors want.

Mary Scott interviewed Scott Kelly from Black Dog Venture Partners to discuss investor pitch preparation. Scott emphasized the importance of matching the right investors to the startup's stage and having complete documentation ready. He outlined the different stages of investment, from pre-seed to growth capital, and explained the key components of a pitch deck, including the problem being solved, solution, pricing, team, exit strategy, and funding ask. Scott also mentioned that Black Dog Venture Partners focuses on technology, software, cybersecurity, and AI companies.

You can find our startup tools including Pitch deck template here: https://drive.google.com/drive/folders/1Xv9J6L78iIZQDpLGqwyLe4aSMuRDy9Wx?usp=drive_link

Websites https://vcfastpitch.com/ https://emergingmanagerspodcast.com/

Social Media https://www.linkedin.com/in/blackdogceo/ https://x.com/BlackDogCEO https://www.instagram.com/blackdogceo/

Cristina Imre from Quantum Wins talking about moving fast in today's AI market.

AI Strategy Integration Insights

Mary and Cristina discussed the importance of integrating AI strategically, emphasizing that many companies have rushed into AI without proper planning, leading to poor outcomes. Cristina highlighted that small players now have an opportunity to outperform larger companies if they adopt the right strategies, focusing on shipping signals rather than just features. She explained that signals come from user interactions and provide meaningful insights, which are crucial for success in the AI landscape. Mary agreed, stressing the need for careful consideration and verification of AI outputs.

AI Startups: Focus on Specifics

Mary and Cristina discussed the approach startups should take when developing AI solutions. Cristina emphasized the importance of focusing on a single specific pain point for a small, well-defined audience rather than creating complex AI platforms. She suggested starting with agile sprints and testing for traction before investing heavily in development. Mary agreed, adding that AI should be viewed as a tool designed for a specific purpose rather than a general solution, and highlighted the potential for startups to create niche, feature-specific applications that can complement existing platforms.

AI Strategy and Team Alignment

Cristina and Mary discussed the importance of using AI effectively in business, emphasizing the need for coordinated efforts and clear KPIs to avoid waste and ensure success. Cristina highlighted the significance of aligning teams, setting measurable goals, and understanding market needs, while Mary stressed the importance of strategic planning and avoiding premature launches. They agreed on the value of learning from problem-solving experiences to tackle new challenges, and Cristina offered to answer any further questions from the audience.

Connect with Cristina LinkedIn https://www.linkedin.com/in/cristinaimre/

YouTube https://www.youtube.com/@CristinaImreOfficial

Tech Leadership Lab: https://www.youtube.com/@TechLeadershipLab